Trump Team Eyes First-Ever Crypto Role in White House

The establishment of a specific White House post to supervise cryptocurrency policy is being discussed by President-elect Donald Trump’s transition team.

The U.S. government would have a job exclusively devoted to digital assets for the first time with this “crypto czar” position. Bloomberg claims that the team is screening applicants to make sure the position aligns with Trump’s pro-crypto stance.

Trump’s Promises to Promote Crypto

Trump made it clear during his campaign that he supported cryptocurrencies and promised to stop crackdowns on regulations and establish the United States as a leader in the world of crypto innovation.

On his very first day in office, he vowed to fire cryptocurrency opponent Gary Gensler, the chair of the SEC. Additionally, Trump garnered attention for his personal involvement with digital assets when he was claimed to have used Bitcoin to pay for hamburgers at a bar in New York.

The proposed position, which would act as a mediator between the cryptocurrency industry, federal agencies, and Congress, might answer directly to the president. Former Binance and Brian Armstrong, the CEO of Coinbase, are examples of industry leaders. Trump and U.S. CEO Brian Brooks have already met to talk about plans.

Impacts on Broader Policy

Trump has promised to lower regulatory hurdles and create a federal Bitcoin reserve, which is consistent with the possibility of a specialized crypto function. The candidate for Secretary of Commerce is Cantor Fitzgerald CEO Howard Lutnick, who has been an outspoken advocate for Bitcoin. His hiring demonstrates the administration’s dedication to promoting innovation in online banking.

As Bitcoin jumped beyond $94,000 and approached the highly anticipated $100,000 mark, Trump turned his attention to cryptocurrencies. The market’s surge is a reflection of hope for a more advantageous regulatory landscape during his presidency.

The appointment of a crypto czar may bolster the United States’ leadership in blockchain technology and digital assets, streamline federal regulations, and draw in foreign investment. The bitcoin sector has long pushed for more transparent laws and a more powerful presence in Washington, so this step is hailed as a victory.